The Minnesota Timberwolves have changed ownership in a deal that values the NBA franchise and their WNBA counterpart the Minnesota Lynx at a reported combined total of $4.5bn (£3.3bn).
American businessman Marc Stad has gone from being a minority investor to controlling owner, buying the majority of the stake held by co-chairman Marc Lore.
He will join Lore’s business partner and former Major League Baseball star Alex Rodriguez as co-chairman.
Rodriguez confirmed the news on Friday, and said he would be increasing his investment.
ESPN, which reported the news before Rodriguez’s statement, said the deal valued the franchise at $4.5bn, the…
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